Nuclear fuel in three reactors at the Fukushima No. 1 plant has possibly melted through pressure vessels and accumulated at the bottom of outer containment vessels, says a report on a government finding. This is far worse than a core meltdown which is categorized as "the worst possibility in a nuclear accident."
Following the disappointing OPEC meeting oil is rising and so does gold. Gold prices touched 1,550/oz in intraday trading. They came slightly lower on profit taking. Renewed worries on Greece's debt added to the Japan's situation. The rise came in the face of a rising dollar, which makes it highly bullish for the yellow metal. If prices manage to cross above $1,550 and sustain, a good long gold trade can be set up.
We stick with the uptrend forecast in near term unless prices fall below $1,510 an ounce.
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